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of <h1>Appellate tribunal upholds Modvat credit disallowance pre-31-1-1986, emphasizes cut-off date rule</h1> The appellate tribunal upheld the decision disallowing Modvat credit to the appellants for inputs received before 31-1-1986, emphasizing the cut-off ... Modvat - Interpretation of Statutes The appellate tribunal upheld the decision disallowing Modvat credit to the appellants for inputs received before 31-1-1986, despite their argument that Rule 57A should apply instead of Rule 57H. The tribunal emphasized that all Modvat credit rules must be read together, and the cut-off date of 31-1-1986 applies even to inputs received after filing declaration. The tribunal did not interfere with the lower authorities' orders. The possibility of claiming deemed Modvat credit was mentioned but not addressed in the judgment.
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